Velocity Express (VEXP)

We face intense competition, particularly for basic delivery services. The industry is characterized by high fragmentation, low barriers to entry,
competition based on price and competition to retain qualified drivers, among other things. Nationally, we compete with other large companies having same-day transportation operations in multiple markets, many of which have substantial resources and
experience in the same-day transportation business. Price competition could erode our margins and prevent us from increasing our prices to our customers commensurate with cost increases.

There are also a number of national and international carriers who
provide document and package shipment solutions to individuals and business customers. This market, which is dominated by major carriers such as UPS®, Federal Express®, DHL® and the United States Postal Service, is also extremely competitive. However, these companies engage primarily in the next-day
and second-day ground and air delivery businesses and operate by imposing strict drop-off deadlines and rigid package dimension and weight limitations on customers. By comparison, we operate in the same-day transportation business and handle
customized delivery needs on either a scheduled, distribution or expedited basis. Accordingly, we do not believe that we are currently in direct competition with these major carriers, although we cannot assure you that one of these entities might
not enter our markets in the future.

We face intense competition, particularly for basic delivery services. The
industry is characterized by high fragmentation, low barriers to entry, competition based on price and competition to retain qualified drivers, among other things. Nationally, we compete with other large companies having same-day transportation
operations in multiple markets, many of which have substantial resources and experience in the same-day transportation business. Price competition could erode our margins and prevent us from increasing our prices to our customers commensurate with
cost increases.

There are also a number of national and international carriers who provide document and package shipment solutions to individuals and business customers. This market, which is dominated by major carriers such as UPS®, Federal Express®, DHL® and the United States Postal Service, is also
extremely competitive. However, these companies engage primarily in the next-day and second-day ground and air delivery businesses and operate

by imposing strict drop-off deadlines and rigid package dimension and weight limitations on customers. By comparison, we operate in the same-day
transportation business and handle customized delivery needs on either a scheduled, distribution or expedited basis. Accordingly, we do not believe that we are currently in direct competition with these major carriers, although we cannot assure you
that one of these entities might not enter our markets in the future.

We face intense competition, particularly for basic delivery services. The industry is characterized by high fragmentation, low barriers to entry,
competition based on price and competition to retain qualified drivers, among other things. Nationally, we compete with other large companies having same-day transportation operations in multiple markets, many of which have substantial resources and
experience in the same-day transportation business. Price competition could erode our margins and prevent us from increasing our prices to our customers commensurate with cost increases.

There are also a number of national and international carriers who provide document and package shipment solutions to
individuals and business customers. This market, which is dominated by major carriers such as

UPS®, Federal Express®, DHL® and the United
States Postal Service, is also extremely competitive. However, these companies engage primarily in the next-day and second-day ground and air delivery businesses and operate by imposing strict drop-off deadlines and rigid package dimension and
weight limitations on customers. By comparison, we operate in the same-day transportation business and handle customized delivery needs on either a scheduled, distribution or expedited basis. Accordingly, we do not believe that we are currently in
direct competition with these major carriers, although we cannot assure you that one of these entities might not enter our markets in the future.

The Company competes with a number of established, local, same-day couriers and messenger services. Competition in local
markets is intense. Nationally, the Company competes with other large companies having same-day transportation operations in multiple markets. Although many of the Companys competitors have substantial resources and experience in the same-day
transportation business the Company believes that its national presence, wide array of service offerings, use of sophisticated technology, driver recruitment standards, and branding strategy present a compelling competitive advantage in any market
in which it currently operates or may elect to enter.

There
are also a number of national and international carriers who provide document and package shipment solutions to individuals and business customers. This market, which is dominated by major carriers such as UPS®, Federal Express®, Airborne, DHL and the United States Postal Service, is also extremely competitive. However, these companies engage primarily in the next-day and second-day ground and air delivery businesses and
operate by imposing strict drop-off deadlines and rigid package dimension and weight limitations on customers. By comparison, the Company operates in the same-day transportation business, and handles customized delivery needs on either a scheduled,
distribution or expedited basis. Accordingly, the Company does not believe that it is in direct competition with these major carriers in same-day transportation services although there are no assurances that one of these entities might not enter its
market.

The Company competes with a number of established, local, same-day couriers and messenger services. Competition in local
markets is intense. Nationally, the Company competes with other large companies having same-day transportation operations in multiple markets. Although many of the Companys competitors have substantial resources and experience in the same-day
transportation business the Company believes that its national presence, wide array of service offerings, use of sophisticated technology, driver recruitment standards, and branding strategy present a compelling competitive advantage in any market
in which it currently operates or may elect to enter.

There
are also a number of national and international carriers who provide document and package shipment solutions to individuals and business customers. This market, which is dominated by major carriers such as UPS®, Federal Express®, Airborne, DHL and the United States Postal Service, is also extremely competitive. However, these companies engage primarily in the next-day and second-day ground and air delivery businesses and
operate by imposing strict drop-off deadlines and rigid package dimension and weight limitations on customers. By comparison, the Company operates in the same-day transportation business, and handles customized delivery needs on either a scheduled,
distribution or expedited basis. Accordingly, the Company does not believe that it is in direct competition with these major carriers in same-day transportation services although there are no assurances that one of these entities might not enter its
market.

The Company competes with a number of established, local, same-day couriers and messenger services. Competition in local
markets is intense. Nationally, the Company competes with other large companies having same-day transportation operations in multiple markets. Although many of the Companys competitors have substantial resources and experience in the same-day
transportation business the Company believes that its national presence, wide array of service offerings, use of sophisticated technology, driver recruitment standards, and branding strategy present a compelling competitive advantage in any market
in which it currently operates or may elect to enter.

There
are also a number of national and international carriers who provide document and package shipment solutions to individuals and business customers. This market, which is dominated by major carriers such as UPS®, Federal Express®, Airborne, DHL and the United States Postal Service, is also extremely competitive. However, these companies engage primarily in the next-day and second-day ground and air delivery businesses and
operate by imposing strict drop-off deadlines and rigid package dimension and weight limitations on customers. By comparison, the Company operates in the same-day transportation business, and handles customized delivery needs on either a scheduled,
distribution or expedited basis. Accordingly, the Company does not believe that it is in direct competition with these major carriers in same-day transportation services although there are no assurances that one of these entities might not enter its
market.